DUP MLA William Irwin said two young men were killed in the accident.
He said he was told the young men had been making their way to ‘a technical college’.
Around 1pm a PSNI spokesman said the teenagers killed were the driver and front seat passenger in a Vauxhall Astra car that left the Cladymilltown Road around 8.30am.
Inspector Lynsey Barr has appealed for anyone who witnessed the collision or who noticed the Vauxhall Astra being driven on the Cladymilltown Road this morning to contact police on 101.
The road remains closed while PSNI Collision Investigation Unit examines the scene of the collision.
Earlier Mr Irwin said the car in which the teenagers were travelling had “hit a tree”.
“Three young men were in the car,” he added.
“Two have been killed and one has been injured and taken to hospital.”
He said he wanted to express his “deep condolences to the families”.
“I want to offer them my sincere condolences as this is tragic news for any family.
“Our thoughts and prayers are with them and we hope the other young lad will make a speedy recovery.”
A spokesman from the Northern Ireland Ambulance service said they received a call around 8.30am.
He said there were three individuals in the car and one was taken to hospital.